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India

Petrol, diesel price hike continues after poll results, revised again after 2-days pause

After a pause of two days, the fuel price in the country hiked again on Monday (May 10)

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Representative Image (Picture Courtesy: ANI)

NEW DELHI: After a pause of two days, the fuel price in the country hiked again on Monday (May 10). Petrol and diesel became costlier by 26 and 33 paise per litre respectively. The new petrol price in Delhi is Rs 91.53/litre now and diesel will cost Rs 82.06 per litre now.

As per Indian Oil, the country’s largest fuel retailer, petrol in Mumbai retailed at Rs 97.86 per litre while diesel at Rs 89.17 per litre. In Kolkata, petrol stood at Rs 91.66 per litre and diesel at Rs 84.90 per litre and in Chennai, petrol stood at Rs 93.38 per litre and diesel at Rs 86.96 per litre.

Earlier on Saturday and Sunday, the price of petrol and diesel remains unchanged. By May 7, 2021, the fuel prices had seen a hike for four days in a row, right after the poll results were declared on May 2.

The fuel rates have been revised across the country and prices differ from state to state, depending upon VAT imposed by the respective states. Oil marketing companies resumed daily revisions on Tuesday (May 4) after nearly two months. The Central government raised taxes on petrol by Rs 13 per litre and on diesel by Rs 16 per litre in 2020, to boost revenues hit by the COVID-19 pandemic.

The Oil marketing companies have revised the price of fuel across metros since May 4, after the assembly elections were over on May 2. The government-owned OMCs like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, change the rate for fuel in the Indian market vis-a-vis global crude prices and changes in the foreign exchange rates.

About half of the fuel price in India is made up of Central and state taxes levied on petrol and diesel. The Central government tax makes up for Rs 32.90 per litre of the price of petrol in Delhi and while the state’s VAT is Rs 20.86. On the other hand, on diesel, the central excise levied is Rs 31.80 while state VAT adds Rs 11.83.